Orosur Mining Inc. - Colombia Update
Orosur Mining Inc. - Colombia Update
• Assays from five additional holes
• Most holes drilled for geological and stratigraphic reasons
• Thick anomalous zones of mineralisation intersected
• Operational handover of Anzá now largely complete
London, November 9th, 2021 . Orosur Mining Inc. ("Orosur" or the
"Company") (TSX-V/AIM:OMI), is pleased to announce an update on the
Company's Anzá Project in Colombia.
For the full PDF version of the announcement with Table 1 and Figures 1 -6
included, please refer to: http://www.rns-
pdf.londonstockexchange.com/rns/7221R_1-2021-11-8.pdf
Drilling Summary, Anzá
A major phase of drilling was undertaken at Anzá from October 2020 through
to the end of June 2021, designed to confirm the potential of the core APTA
deposit at Anzá and to provide sufficient information to allow the Company's
JV partner Minera Monte Águi la SAS ("Monte Águila")to move forward into
the next annual period of the Exploration Agreement with Venture Option
("Exploration Agreement"). Once this was achieved, the number of drill rigs
was reduced from five to one, with focus shifting to better understanding the
regional picture and to mapping and sampling of the other licences and
applications to identify targets for the next phase of work.
Reducing to one drill rig allowed geologists to be redeployed to mapping
activities, with the remaining drill rig focussed near the margins of the APTA
deposit, to address several regional stratigraphic questions and to provide
greater guidance as to the controls on the previously identified high grade
mineralisation at APTA.
Drilling Results, Anzá
Assay results for five additional diamond drillholes have been received from
the ALS laboratory in Lima, Peru, MAP-092 to MAP-096.
Highlighted results from these holes include:
MAP-093 14.85m @ 1.60g/t Au, 1.08g/t Ag, 0.79% Zn
MAP-094 8.55m @ 0.96g/t Au, 5.88g/t Ag, 0.34%Zn
5.35m @ 1.17g/t Au, 2.18g/t Ay, 0.79% Zn
10.70m @ 1.08g/t Au, 0.24g/t Ag, 0.03% Zn
MAP-096 2.70m @ 2.84g/t Au, 1.12g/t Ag, 0.07%Zn
51.55m @ 1.32g/t Au, 1.34g/t Ag, 0.35%Zn
Full results are detailed in Table 1.
Table 1. Drill Intercepts*.
* Intersections are reported as down-hole widths, not true widths. The Company does not yet have
sufficient drilling information to accurately calculate true widths of drill hole intersections.
Holes MAP-092 and MAP-095 were collared well away from the known
mineralisation at APTA (Figure 1) and were drilled in the opposite direction
to current drilling, from west to east. Both of these holes were designed to
assess the regional geology and to test the idea that the target stratigraphy
identified at APTA represented the eastern limb of an anticline and would be
repeated to the west. These holes were purely stratigraphic and were not
expected to intersect mineralisation.
Figure 1. Drill Collar Locations - APTA
Hole MAP-093 was targeted to test the down dip continuity of the
stratigraphic section related to the historical La Pastorera gypsum mine. The
footwall breccia was identified and was mineralised to a moderate deg ree
(Figure 2).
Figure 2. Section, Hole MAP-093
Hole MAP-094 was targeted to test the southern extension of a high -grade
pod defined in previous drilling. A substantial thickness of moderately
mineralised breccia was identified (Figure 3).
Figure 3. Section, Hole MAP-094
Hole MAP-096 (like holes 092 and 095) was drilled from the west to test a
geological hypothesis related to possible anticlinal folding of the mineralised
stratigraphy.This hole confirmed the existence of such folding, and thus
opens the potential for folded repetition of higher grades further down the
western limb (Figure 4). This potential will be tested with later drilling.
Figure 4. Section, Hole MAP-096
Regional Mapping and Sampling
Most drilling to date has been concentrated at the central APTA deposit in
the central granted licence of the Company's 200km2 tenement package
(Figure 5).
However, with reduction to one drill rig in June, exploration teams were
deployed to field mapping and sampling activities in other licences, albeit
subject to limitations related to Covid-19 which was still proliferating through
the region at the time.
Most of this activity focused on the NE integrated tenement, around the
Pepas and Pupino working areas.
Extensive programs of soil and rock sampling, BLEG sampling, geological
mapping and geophysics commenced and will continue after handover of
operational control of the project to partner Monte Águila. Terrain in this
region is extremely rugged and thus progress is slow, however substantial
coverage has now been achieved. Complete geochemical results are still
pending however preliminary results are encouraging and suggest the
northern extent of the Aragon fault is prospective.
Figure 5. Licence package and prospects
Figure 6. Sampling, Pepas and Pupino
Conversion of Applications
Of the Company's land package, two major areas remain at the application
stage and are therefore not accessible for exploration involving any form of
ground disturbance - these areas contain the La Cejita and Jesuitas
prospects.
With acceleration of work under the Exploration Agreement, it is hoped to
advance these into granted status as quickly as possible, however this
process requires, among other things, substantial public hearings, which
have only recently begun again, after a long abeyance during Covid-19.
The Company is currently seeking to accelerate this process now that Covid-
19 is beginning to abate in the region.
Operational Handover
As announced on September 7 2021, the Company's Joint Venture partner
Monte Águila elected to exercise its right to assume operatorship of the Anzá
Project. The handover is now substantially complete, with Monte Águila now
exercising effective control of the project.
Monte Águila, a 50/50 JV between Newmont Corporation ("Newmont")
(NYSE:NEM, TSX:NEM) and Agnico Eagle Mines Limited ("Agnico")
(TSX:AEM) is the vehicle by which these two companies jointly exercise their
rights and obligations with respect to the Exploration Agreement.
As per the terms of the Exploration Agreement, the Company remains the
100% owner of the licences and applications until such time as Monte Águila
earns their initial 51% interest in the project (Phase 1) prior to September 6th,
2022. As such, the Company remains responsible for most government
related functions and will retain a core team in Medellin to work alongside
Monte Águila in the management of this process.
Orosur CEO Brad George commented:
"The decision by our partners to take over operatorship of Anzá was both positive
and welcome, being testament to how two of the world's largest gold miners see the
region. The handover process is substantially complete. The financial and technical
resources that can now be brought to bear are without parallel and we look forward
to them substantially ramping up activity."
For further information, please contact:
Orosur Mining Inc
Louis Castro, Chairman,
Brad George, CEO
Tel: +1 (778) 373-0100
SP Angel Corporate Finance LLP - Nomad & Joint Broker
Jeff Keating / Caroline Rowe
Tel: +44 (0) 20 3 470 0470
Turner Pope Investments (TPI) Ltd - Joint Broker
Andy Thacker
James Pope
Tel: +44 (0)20 3657 0050
Flagstaff Communications and Investor Communications
Tim Thompson
Mark Edwards
Fergus Mellon
Tel: +44 (0)207 129 1474
Market Abuse Regulation (MAR) Disclosure
The information contained within this announcement is deemed by the Company to constitute inside
information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ('MAR') which has
been incorporated into UK law by the European Union (Withdrawal) Act 2018. Upon the publication of
this announcement via Regulatory Information Service ('RIS'), this inside information is now considered
to be in the public domain.
Drill Hole Details - 2020/2021 Programme*
Hole ID Easting
(m)
Northing (m) Elevation asl
(m)
Dip (°) Azimuth
(°)
MAP-072 400088 694745 1075 -55 293
MAP-073 400018 694503 1097 -58 295
MAP-074 399981 694684 1110 -58 295
MAP-075 400168 694723 1024 -55 295
MAP-076 400019 694527 1107 -50 295
MAP-077 400168 694723 1024 -69 295
MAP-078 399917 694719 1112 -50 295
MAP-079 399995 693976 960 -55 295
MAP-080 400231 694580 966 -55 295
MAP-081 400045 693950 920 -55 295
MAP-082 400176 694797 1020 -50 296
MAP-083 400176 694797 1020 -60 310
MAP-084 400045 693950 920 -57 321
MAP-085 400167 694552 1000 -46 247
MAP-086 400067 694360 1068 -54 295
MAP-087 400027 694168 988 -54 290
MAP-088 400168 694723 1024 -55 341
MAP-089 400067 694360 1068 -59 317
MAP-090 400041 694630 1059 -56 296
MAP-091 400060 694715 1089 -50 295
MAP-092 399420 695235 1162 -50 138
MAP-093 400055 694203 1006 -59 290
MAP-094 399954 694347 1031 -64 303
MAP-095 399722 695252 1113 -50 135
MAP-096 399759 694632 1082 -57 127
* Coordinates WGS84, UTM Zone 18
About Orosur Mining Inc.
Orosur Mining Inc. (TSX -V: OMI; AIM: OMI) is a minerals explorer and developer focused on identifying and
advancing projects in South America. The Company currently operates in Colombia and Uruguay.
About the Anzá Project
Anzá is a gold exploration project, comprising three exploration licences, four exploration licence applications,
and several small exploitation permits, totalling 207.5km2 in the prolific Mid-Cauca belt of Colombia.
The Anzá Project is currently wholly owned by Orosur via its subsidiary, Minera Anzá S.A.
The project is located 50km west of Medellin and is easily accessible by all-weather roads and boasts excellent
infrastructure including water, power, communications and large exploration camp.
The Anzá Project is subject to an Exploration Agreement with Venture Option dated September 7th, 2018, as
announced on September 10th, 2018, (the "Agreement") between Orosur's 100% subsidiary Minera Anzá S.A
and Minera Monte Águila SAS, a 50/50 joint venture between Newmont and Agnico.
Qualified Persons Statement
The information in this news release was compiled, reviewed, and verified by Mr. Brad George, BSc hons (Geology
and Geophysics), MBA, Member of the Australian Institute of Geoscientists (MAIG), CEO of Orosur Mining Ltd and
a qualified person as defined by National Instrument 43-101.
Orosur Mining staff follow standard operating and quality assurance procedures to ensure that sampling techniques
and sample results meet international reporting standards.
Drill core is split in half over widths that vary between 0.3m and 2m, depending upon the geological domain. One
half is kept on site in the Minera Anzá core storage facility, with the other sent for assay.
Industry standard QAQC protocols are put in place with approximately 20% of total submitted samples being
blanks, repeats or Certified Reference Materials (CRMs).
Samples are sent to the Medellin preparation facility of ALS Colombia Ltd, and then to the ISO 9001 certified ALS
Global laboratory in Lima, Peru.
30 gram nominal weight samples are then subject to fire assay and AAS analysis for gold with gravimetric re-
finish for overlimit assays of >10g/t. ICP-MS Ultra-Trace level multi-element four-acid digest analyses is also
undertaken for such elements as silver, copper, lead and zinc, etc.
Gold intersections are reported using a lower cut off of 0.3g/t Au over 3m.
Forward Looking Statements
All statements, other than statements of historical fact, contained in this news release constitute "forward looking
statements" within the meaning of applicable securities laws, including but not limited to the "safe harbour"
provisions of the United Stat es Private Securities Litigation Reform Act of 1995 and are based on expectations
estimates and projections as of the date of this news release.
Forward-looking statements include, without limitation, the exploration plans in Colombia and the funding from
Monte Águila of those plans, Monte Águila´s decision to continue with the Exploration and Option agreement, the
ability for Loryser to continue a nd finalize with the remediation in Uruguay, the ability to implement the Creditors'
Agreement successfully as well as continuation of the business of the Company as a going concern and other
events or conditions that may occur in the future. The Company's continuance as a going concern is dependent
upon its ability to obtain adequate financing, to reach profitable levels of operations and to reach a satisfactory
implementation of the Creditor´s Agreement in Uruguay. These material uncertainties may cast si gnificant doubt
upon the Company's ability to realize its assets and discharge its liabilities in the normal course of business and
accordingly the appropriateness of the use of accounting principles applicable to a going concern. There can be
no assurance that such statements will prove to be accurate. Actual results and future events could differ materially
from those anticipated in such forward looking statements. Such statements are subject to significant risks and
uncertainties including, but not limited, those as described in Section "Risks Factors" of the MDA and the Annual
Information Form. The Company disclaims any intention or obligation to update or revise any forward -looking
statements whether as a result of new information, future events and suc h forward-looking statements, except to
the extent required by applicable law.